The Competition Commission has approved the proposed acquisition by US-based manufacturer Amsted Rail Company of Cast Products South Africa (SA).
Cast Products SA is a company incorporated by the Industrial Development Corporation to which Scaw South Africa’s cast products division will be transferred prior to the proposed transaction with Amsted.
The commission approved the proposed transaction on condition that the merged entity may not, as a result of the merger, retrench any employees in South Africa for 18 months after the implementation date of the merger.
Additionally, any employees of the merging parties that may be retrenched following the 18-month period shall be the first to be offered employment if vacancies arise within the merged entity.